Activist Investor Pershing Square Significantly Increases Stake in Restaurant Brands International
QSR sits 30% above its 52-week low of $61.33.
Summary
Activist investor William A. Ackman's Pershing Square Capital Management has significantly increased its stake in Restaurant Brands International, acquiring over $358 million in common stock and forward contracts, bringing total beneficial ownership to 7.8%.
Key Events · Ownership and Investor Activity · QSR
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Pershing Square Increases Beneficial Ownership
The reporting group, led by Pershing Square Capital Management and William A. Ackman, increased its aggregate beneficial ownership to 27,136,716 shares, representing approximately 7.8% of Restaurant Brands International's outstanding common stock.
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Substantial Common Stock Purchases
Pershing Square USA, Ltd. (PSUS) purchased 1,860,000 shares of common stock for approximately $150 million between April 30 and May 4, 2026, with prices ranging from $80.56 to $80.71 per share.
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Acquisition of Forward Purchase Contracts
PSUS also acquired over-the-counter forward purchase contracts for 2,652,778 shares, with an aggregate purchase price of $208,325,963.90. These contracts mature in May 2029 and do not confer voting or dispositive control until settlement.
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Reversal of Recent Stake Reduction
This increase in stake follows a previous Schedule 13D/A filing on April 29, 2026, which indicated a significant reduction in Pershing Square's holdings, suggesting a strategic shift or renewed conviction.
Analysis · QSR · Trade & Services
This Schedule 13D/A filing signals a notable re-engagement by activist investor William A. Ackman's Pershing Square Capital Management in Restaurant Brands International. Coming just over a week after a filing indicated a reduction in their stake, this amendment reports substantial new purchases of common stock and forward contracts. The combined investment of over $358 million, bringing their total beneficial ownership to 7.8%, suggests renewed conviction or a strategic shift by the prominent investor. This move, especially as the stock trades near its 52-week high, could be interpreted as a strong vote of confidence in the company's future prospects and may influence other institutional investors.
At the time of this filing, QSR was trading at $79.93 on NYSE in the Trade & Services sector, with a market capitalization of approximately $36.3B. The 52-week trading range was $61.33 to $81.96. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.